The U.S. Commodity Futures Trading Commission (CFTC) recently approved its first listing for on-chain perpetual futures, but this move has been met with resistance from major derivatives player, the Chicago Mercantile Exchange (CME).
According to reporting from CoinDesk, the CME is fighting back against the CFTC's approval, claiming it is a diversion from the law. This battle comes weeks after the CFTC's initial approval, which was seen as a significant development for the crypto industry.
The CFTC's role is to regulate the derivatives market, including futures and options, while the CME is a major exchange that lists various financial instruments, including futures contracts. The outcome of this dispute could have implications for the broader crypto derivatives market.